The American Petroleum Institute last month reported U.S. oil demand in October fell to 18.4 million barrels a day, which was the lowest October demand seen in 17 years. During the first 10 months of the year was 2.1 percent below the comparable period in 2011. Crude production in October averaged 6.652 million barrels a day, the highest in October since 1994.

"For many months, we've seen variations on the same theme: weak demand versus a year ago and some of the weaker demand numbers over the past decade," said John Felmy, API chief economist. "The simple fact is that unemployment remains high and economic growth has been extremely modest. Petroleum demand is reflecting that."

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GMX Resources is a resource play rich exploration and production company. The company is currently developing its Bakken and Three Forks oil shale resources 95 MMBOE potential; located in the Williston Basin, North Dakota. Total oil production in the third quarter saw a 185 percent year-over-year increase.

As of December 31, 2011, Lone Pine Resources had approximately 1.1 million gross (.8 million net) acres of land (approximately 79% of which is undeveloped) and approximately 151 gross (125 net) proved undeveloped drilling locations. Shares of the company have fallen 85 percent year-to-date.

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